Based on PE valuation alone if we take AEM's PE ratio of 16.7x and KL's PE ratio of 13.4x average of the two is a PE 15.92 then apply to KL earnings so far of $3.95/sh we get a valuation of KL $59,33/sh and KL still have CASH of 854 Mill and NO DEBT!
The high breakfee is insurance forAEM if merger fail, AEM will still need half of the KL cash, to finish planned Capex and not have to cut its dividend, but even that will not prevent further slide. The AEM trend was not a friend of AEM share holders.
So just vote NO!